White & Case Advises Banks on NewCo GB and Burger King France High Yield Offerings
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Global law firm White & Case LLP has advised the initial purchasers, including Credit Suisse and Goldman Sachs International as global coordinators and joint bookrunners, and BNP Paribas as joint bookrunner, on the high yield offering of €200 million principal amount 8.00%/8.75% Senior PIK Toggle Notes due 2022 by NewCo GB, a parent entity of Burger King France.
White & Case has also advised the initial purchasers, including Goldman Sachs International and Credit Suisse as global coordinators and joint bookrunners, on the high yield tap offering of €60 million principal amount of additional Senior Secured Floating Rate Notes due 2023, by way of an issuance of temporary notes, by Burger King France.
The proceeds from the offerings were used to finance an acquisition and refinance certain indebtedness. The notes were issued on December 19, 2017 and the proceeds of the issuance were placed in escrow pending closing of the acquisition, which occurred on December 21, 2017.
The White & Case team which advised on the transaction was led by partners Colin Chang, Philippe Herbelin and Samir Berlat (all Paris), with support from counsel Max Turner (Paris) and associates Benjamin Bierwirth (London), Céline Oréal, Anne-Lise Derouet and Isabelle Touré-Farah (all Paris).
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